Crude oil prices on Monday rose to reach a five-week high as expectations of colder weather in the US and signs of economic recovery boosted the outlook for fuel demand.

U.S. crude oil prices settled up 72 cents at 78.77 US dollars per barrel in thin trading. Prices rose to as high as 79.12 US dollars earlier in the day, the highest since November 23rd. Oil prices have climbed more than 12 percent from a dip below 70 US dollars two weeks ago on expectations of rising consumption and falling inventories in the US. More freezing temperatures are expected in the country's northeast, the world's largest heating oil market.

Meanwhile, signs of China's economic recovery have also added to the supportive backdrop for rising prices.

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